Ethniki Asfalisitiki: a new chapter in the Greek's insurance market flagship sale

11 December 2019 — Daniela GHETU
Latest news available show the group of bidders interested by the sale of the leading Greek insurance company Ethniki to five: the Chinese group Fosun, the investment funds CVC Capital Partners, Centerbridge and Lone Star, and a special purpose vehicle called I3CP, which is associated with Leadenhall Capital Partners.

According to the local daily journal Kathimerini, the short list of candidates should be completed by year-end, while the binding offers can be tabled by end-January or mid-February at the latest. The entire process is managed for the National Bank of Greece, Ethniki's parent company, by Goldman Sachs and Morgan Stanley. Sources have told Kathimerini that investors have submitted non-binding bids based on financial data up to end-2018, and that the amounts offered for the 80 percent stake in Ethniki do not exceed 600 million euros. Other sources said the National Bank estimates Ethniki Asfalistiki's full value at EUR 750 million euros, which means that the bids are close to the Bank's expectations.

Ethniki Asfalisitiki is the largest insurance company in Greece. According to the 3Q2019 results, GWP by company amounted to EUR 578.4 million, up y-o-y by 24.3%, while the profit before tax increased by 18.2%, to EUR 59.2 million. Ethniki's sale is already a five years old saga, with several failed attempts.

We've covered the story of ETHNIKI sale since 2016. Below you can find our materials on this subject:

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